Brokerages Anticipate Fastenal Company (NASDAQ:FAST) to Post $0.50 EPS
Equities analysts predict that Fastenal Company (NASDAQ:FAST) will post earnings of $0.50 per share for the current quarter, according to Zacks. Seven analysts have made estimates for Fastenal’s earnings. The highest EPS estimate is $0.52 and the lowest is $0.48. Fastenal reported earnings of $0.44 per share in the same quarter last year, which indicates a positive year over year growth rate of 13.6%. The business is expected to announce its next quarterly earnings report on Tuesday, October 10th.
On average, analysts expect that Fastenal will report full year earnings of $1.93 per share for the current financial year, with EPS estimates ranging from $1.87 to $1.95. For the next fiscal year, analysts anticipate that the business will post earnings of $2.11 per share, with EPS estimates ranging from $2.00 to $2.21. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that follow Fastenal.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.02. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the firm earned $0.46 earnings per share. The business’s quarterly revenue was up 10.6% on a year-over-year basis.
Several equities research analysts recently commented on the stock. Raymond James Financial, Inc. upgraded shares of Fastenal from a “market perform” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Wednesday, April 19th. UBS AG upgraded shares of Fastenal from a “market perform” rating to an “outperform” rating in a report on Wednesday, April 19th. Argus upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a report on Tuesday, April 18th. Stephens began coverage on shares of Fastenal in a report on Friday, June 2nd. They set an “overweight” rating and a $54.00 price target for the company. Finally, Zacks Investment Research lowered shares of Fastenal from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $50.14.
Shares of Fastenal (FAST) opened at 42.36 on Friday. Fastenal has a 52 week low of $37.70 and a 52 week high of $52.74. The company has a market cap of $12.20 billion, a P/E ratio of 23.31 and a beta of 0.98. The firm has a 50-day moving average of $43.14 and a 200 day moving average of $46.59.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Monday, July 24th. This represents a $1.28 annualized dividend and a dividend yield of 3.02%. Fastenal’s dividend payout ratio is currently 70.33%.
Fastenal announced that its board has authorized a stock repurchase plan on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Daniel L. Johnson acquired 600 shares of the stock in a transaction dated Monday, July 24th. The stock was bought at an average price of $42.71 per share, for a total transaction of $25,626.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Holden Lewis acquired 1,000 shares of the stock in a transaction dated Monday, July 17th. The stock was bought at an average price of $42.51 per share, with a total value of $42,510.00. Following the purchase, the chief financial officer now directly owns 2,000 shares in the company, valued at $85,020. The disclosure for this purchase can be found here. Insiders bought a total of 3,600 shares of company stock valued at $154,256 in the last quarter. 0.55% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Bank of Australia raised its stake in Fastenal by 44.9% in the second quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock valued at $104,000 after buying an additional 753 shares in the last quarter. FNY Managed Accounts LLC bought a new stake in Fastenal during the first quarter valued at $133,000. Parkside Financial Bank & Trust raised its stake in Fastenal by 0.3% in the first quarter. Parkside Financial Bank & Trust now owns 2,937 shares of the company’s stock valued at $152,000 after buying an additional 9 shares in the last quarter. Clearbridge Investments LLC raised its stake in Fastenal by 417.7% in the first quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock valued at $169,000 after buying an additional 2,644 shares in the last quarter. Finally, CENTRAL TRUST Co raised its stake in Fastenal by 13.4% in the second quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock valued at $159,000 after buying an additional 433 shares in the last quarter. Institutional investors own 82.54% of the company’s stock.
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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